With ambitions to sustain oil production above one million barrels per day (bpd) while advancing developments in non-associated gas and refining, Angola’s hydrocarbons sector continues to gain momentum. Sonangol is at the forefront of this strategy, with activities spanning the full hydrocarbon value chain. The company recently secured a $2.65 billion financing package from a syndicate of international lenders, alongside a $1.75 billion Afreximbank facility to strengthen its balance sheet and support ongoing operations.

Upstream, Sonangol has set a target to account for at least 10% of Angola’s oil and gas production by 2027. To achieve this, it is advancing developments across onshore and offshore assets while deepening partnerships with international operators. Recent milestones reflect this strategy. Onshore, Sonangol signed a Risk Service Contract for Block KON 4 alongside Afentra (operator), Grupo Simples Oil, Brite’s Oil and Gas and Sodedurs - Prestação de Serviços, paving the way for the exploration and redevelopment phase. The company is also progressing exploration across operated Blocks KON 11, 12 and 15.

Offshore, the NOC continues to expand collaboration with international operators to maximize output from both mature and frontier assets. It recently signed Joint Operating Agreements and financing contracts for Blocks 49 and 50 with Chevron, and is advancing drilling and enhanced recovery programs at Blocks 3/05 and 3/05A.

On the project front, financing and execution milestones continue to support Angola’s production outlook. Just this month, the Greater PAJ Project reached $5.1 billion FID. Developed by Azule Energy, Equinor, Sonangol and SSI Thirty-One, the integrated cross-block development combines resources from Blocks 31 and 31/21, with first oil expected in 2029.

This follows the start-up of the Agogo FPSO  – part of the broader Agogo Integrated West Hub Development at Block 15/06 – in August 2025, as well as the commissioning of Angola’s first non-associated gas project by the New Gas Consortium. Progress is also also being made at the Kaminho project, with first oil projected for 2028.

In the downstream segment, Sonangol is driving efforts to expand refining capacity through new infrastructure development. Following the commissioning of the 30,000 bpd Cabinda Refinery in 2025, the company is seeking partners to close a $4.8 billion financing gap for the 200,000 bpd Lobito Refinery. The first phase is expected online in 2027, with funding discussions ongoing with Chinese lenders and regional partners.

Beyond core operations, Sonangol is strengthening local content development to support workforce capacity and broader economic participation. Its SonaJovem 5.0 initiative continues to promote entrepreneurship, training and market access for Angolan businesses across the oil and gas industry.

As Sonangol advances these initiatives, AOG 2026 will provide a key platform for engagement with investors, strategic partners and service providers critical to project delivery. The company’s Diamond Sponsorship underscores its commitment to industry collaboration as a driver of production growth, refining expansion and long-term value creation across Angola’s energy sector.